Short answer
Addus HomeCare Corp (ADUS) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $1.4B (+23.2% year over year) and net income of $96M.
- Top risk flagged: Variable interest rates on $124.3 million revolving loan with $8.5 million interest payable within 12 months at 5.48% as of January 2026
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- +23.2% YoY
- Net income
- $96M
- +30.3% YoY
- Operating margin
- 9.7%
- +0.9 pp YoY
- Gross margin
- 32.5%
- −0.0 pp YoY
- EPS (diluted)
- $5.22
- +23.4% YoY
- ROE
- 8.8%
- +1.3 pp YoY
- Operating cash flow
- $112M
- −4.2% YoY
Source: XBRL data from the Addus HomeCare Corp (ADUS) FY2025 10-K on SEC EDGAR. USD.
Addus HomeCare Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Home-based care services including personal care, hospice, and home health primarily for dual-eligible Medicare and Medicaid consumers
- New emphasis: Expansion of clinical care services and full integration of personal care, hospice, and home health in Ohio, Tennessee, Illinois, and New Mexico
- Strategic shift: Increased focus on partnering with managed care organizations amid shift from fee-for-service to managed care models with narrower networks
- Quantitative highlight: Net service revenue $1.423B in 2025, up 23% from $1.155B in 2024; served ~107,000 consumers through 262 offices in 23 states
- Noteworthy fact: Completed four acquisitions in 2025 adding $11.8M revenue, shifting toward market expansion targeting fiscally managed states with favorable minimum wage environments
Management Discussion & Analysis
- Revenue $1.423B in 2025, up 23.2% YoY from $1.155B in 2024; personal care +$232.6M, hospice +$34.4M, home health +$0.9M
- Operating margin 9.7% in 2025 vs 8.9% in 2024; gross margin steady at 32.5% both years
- Best performing segment: personal care revenue +27.2% to $1.089B; worst: home health +1.3% to $70.8M
- Net income $95.9M (6.7% margin), up 30.3% from $73.6M (6.4% margin) in 2024
- Interest expense $13.6M vs $7.7M (borrowings increase); income tax rate 24.7% vs 25.9%
- Capital allocation includes acquisitions totaling ~$385.8M (Gentiva $353.6M, Helping Hands $21.4M, others); no cash flow, buyback or dividend details disclosed
- Management highlights reimbursement rate increases in Illinois and Texas for 2026; notes risks from Medicaid funding changes and regulatory uncertainties
- Gain on New York divestiture $3.7M recorded in 2024; no similar gains in 2025
Risk Factors
- Variable interest rates on $124.3 million revolving loan with $8.5 million interest payable within 12 months at 5.48% as of January 2026
- Inflation-driven wage increases impacting caregiver labor costs amid tight labor market and limited fee rate increases from government programs
- Fixed lease obligations totaling $59.5 million, with $15.8 million payable within 12 months affecting cash flow and operational flexibility
Generated from the filing text; verify against the original. How to read a 10-K
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